I will start off by saying I have no idea what I'm talking about most of the time and might be completely off-base on most of this, this also might be very specific to my setup, take it as you will.
I'm using Console as a replacement for rxvt on a msys setup. I also have the msys build of vim, and I was checking to see if I could get vim under msys set up with the same colorscheme I use on linux, which works with any 256 color terminal. That scheme is wombat256, and I have "set t_Co=256" set in my vimrc to assume the terminal emulator I'm using is capable of 256 colors. In rxvt, the color scheme displays perfect, exactly as it should. However, in Console, it displays the same way it does in cmd, broken and colorless. Is there a possibility of getting 256 color support in the future?
I attached how vim looks in msys in console, here is how it looks, same setup, in rxvt: http://imgur.com/Xg7A5.png
Vim with wombat256 in Console
Unfortunately, this is not possible... Console is just a front-end for Windows console windows that support 16 colors. In Console, you can map those 16 colors to something else, but that's it.